Tenax Therapeutics, Inc. (NASDAQ:TENX) ("Tenax" or the "Company"), a
specialty pharmaceutical company focused on identifying, developing and
commercializing products for the critical care market, today announced
the pricing of an underwritten offering for gross proceeds of
approximately $10 million, prior to deducting underwriting discounts and
commissions and offering expenses payable by Tenax.

The offering is comprised of 5,181,346 units, priced at an offering
price of $1.93 per unit, with each unit consisting of one share of
Series A convertible preferred stock, having a conversion price of
$1.93, a two-year warrant to purchase one share of common stock with an
exercise price of $1.93 per share, and a five-year warrant to purchase
one share of common stock with an exercise price of $1.93 per share. The
Series A convertible preferred stock issued in this transaction includes
a beneficial ownership limitation on conversion, but has no dividend
rights (except to the extent that dividends are also paid on the common
stock), liquidation preference or other preferences over common stock,
and has no voting rights (with certain customary exceptions). The Series
A convertible preferred stock has full ratchet price based anti-dilution
protection. The exercise price of the warrants is fixed and the warrants
do not contain any variable pricing features or any price-based
anti-dilutive features. The securities comprising the units are
immediately separable and will be issued separately. The closing of the
offering is expected to take place on or about December 11, 2018,
subject to the satisfaction or waiver of customary closing conditions.

The Company intends to use the net proceeds from this offering to
further its clinical trials and efforts to obtain regulatory approval of
levosimendan, for research and development and for general corporate
purposes, including working capital and potential acquisitions.

The securities were offered pursuant to a registration statement on Form
S-1 (File No. 333-228212), which was declared effective by the United
States Securities and Exchange Commission ("SEC") on December 7, 2018.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. A final prospectus relating to
this offering will be filed by the Company with the SEC. When available,
copies of the final prospectus can be obtained at the SEC's website at www.sec.gov
or from Ladenburg Thalmann & Co. Inc., Attn: Prospectus Department, 277
Park Avenue, 26th Floor, New York, New York 10172, by calling (212)
409-2000.

About Tenax Therapeutics

Tenax Therapeutics, Inc., is a specialty pharmaceutical company focused
on identifying, developing and commercializing products for the critical
care market. The Company has a world-class scientific team including
recognized global experts in pulmonary hypertension. The Company owns
the North American rights to develop and commercialize levosimendan and
is currently initiating a Phase 2 clinical trial for the use of
levosimendan in the treatment of Pulmonary Hypertension associated with
Heart Failure and preserved Ejection Fraction (PH-HFpEF). For more
information, visit www.tenaxthera.com.

About Levosimendan

Levosimendan is a calcium sensitizer that works through a unique triple
mechanism of action. It initially was developed for intravenous use in
hospitalized patients with acutely decompensated heart failure. It was
discovered and developed by Orion Pharma, Orion Corporation of Espoo
Finland, and is currently approved in over 60 countries for this
indication and not available in the United States. Tenax Therapeutics
acquired the North American rights to develop and commercialize
levosimendan from Phyxius Pharma, Inc.

Caution Regarding Forward-Looking Statements

This news release contains certain forward-looking statements by the
Company that involve risks and uncertainties and reflect the Company's
judgment as of the date of this release. The forward-looking statements
are subject to a number of risks and uncertainties, including, but not
limited to matters beyond the Company's control that could lead to
delays in the clinical study, new product introductions and customer
acceptance of these new products; matters beyond the Company's control
that could impact the Company's continued compliance with Nasdaq listing
requirements; the impact of management changes on the Company's business
and unanticipated charges, costs and expenditures not currently
contemplated that may occur as a result of management changes; and other
risks and uncertainties as described in the Company's filings with the
Securities and Exchange Commission, including in its annual report on
Form 10-K filed on April 2, 2018, as well as its other filings with the
SEC. The Company disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release. Statements
in this press release regarding management's future expectations,
beliefs, goals, plans or prospects constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995.